Both Israel and Canada announced upgrades in the Canada-Israel Free Trade Agreement Tuesday. The change will improve and increase the bilateral free-trade agreement and boost both state’s economies, an agreement held since January of 1997.

According to media reports, revisions in the agreements will increase Canadian investment in Israel, reduce business transaction costs and work towards eliminating Israeli tariffs on many products.

Canadian Prime Minister Stephen Harper, who has been an outspoken ally and supporter of the State of Israel and Canada’s strong ties to the Jewish State stated that the revisions will not only continue to strengthen relations and both state’s economies, but that, “Israel is a priority market for Canada and holds great potential for Canadian companies in a variety of sectors. An expanded and modernized free trade agreement will lead to a strengthened bilateral relationship as well as an increase in jobs and opportunities for Canadians and Israelis alike.”

Netanyahu tweeted on the changes and stated that Israel “I spoke today with the Canadian prime Minister Stephen Harper. We discussed the conclusion of negotiations to expand and modernize the Canada-Israel Free Trade Agreement.” He stated that Israel “deeply appreciate our extensive and deep cooperation with the Canadian government, which has flourished in recent years and of which the free trade agreement is but one example. This expanded and modernized agreement will further energize the trade between our countries to the benefit of both our peoples” referring to Canada as “one of Israel’s closest friends.”